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Sunday, April 14, 2024

The government releases the interest rates for the April–June quarter for small savings plans; see the most recent rates for PPF, SSY, and NSC

<p>Interest Rates on Small Savings Plans: The union government maintained the interest rates on a number of small savings plans for the April–June 2024 quarter after the Reserve Bank of India decided to stop changing the repo rate for a time.</p>
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<p>According to the announcement, the interest rates for various small savings plans will not change from the fourth quarter of fiscal year 2023–2024 for the first quarter of the financial year 2024–2025, which starts on April 1, 2024, and ends on June 30, 2024.</p>
<p>The savings plan interest rates for the quarter ending in April–June 2024</p>
<p>For a year, Post Office Time Deposits have an interest rate of 6.9%; for two years, three years, and five years, it is 7%, 7.1%, and 7.5%.</p>
<p>National Savings Certificates (NSCs) have an interest rate of 7.7%.</p>
<p>The Public Provident Fund has an interest rate of 7.1%.</p>
<p>8.2% interest will be paid to users on Sukanya Samriddhi Accounts.</p>
<p>The Senior Citizens Savings Scheme has an interest rate of 8.2 percent.</p>
<p>The Monthly Income Account has an interest rate of 7.4%.</p>
<p>Minimal Savings Plans</p>
<p>The union government manages small savings programs as a means of promoting savings. The three types of small savings plans are Monthly Income Plan, Social Security Plan, and Savings Deposit Plan. Every quarter, the Union government reviews the interest rate on modest savings plans.</p>

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